July 25, 2008

iParty Earnings Down 64 Percent


iParty earnings down 64 percent

DEDHAM - iParty Corp. reported second-quarter earnings of $184,000, down 64 percent from the previous year.

Consolidated revenues declined 1.5 percent to $20.4 million for the quarter ending June 28. Sales at stores open at least a year fell 2.8 percent.

CEO Sal Perisano said second-quarter sales were hurt by the early Easter holiday, which shifted sales into the first quarter. While customer traffic has decreased slightly during the economic downturn, average transaction amounts increased. iParty's core birthday party merchandise category remains strong, and the company saw a boost in sales from the Celtics' win in the NBA Finals.

The company operates 50 stores in New England and Florida.

Home Depot leases space in Canton

CANTON - Home Depot has leased 25,000 square feet of office space at 15-45 Dan Road.

Cushman & Wakefield represented landlord Great Point Investors in the transaction. CB Richard Ellis represented Home Depot.

Radius financial buys EAI Mortgage

NORWELL - Radius Financial Group Inc., a Norwell-based mortgage banking firm, announced it has acquired former competitor EAI Mortgage Group of Plymouth and hired its three employees.

The cost of the acquisition, which closed on July 14, was not disclosed. No jobs were lost as a result of the merger, which leaves Radius with 28 employees.

Medical office building sells

EASTON - Whalen Associates LLC of New Bedford has sold One Washington Place for $14.7 million.

The buyer was Wash Mass LLC of Boston. Whalen Associates retains property management of the building. The 50,540 square foot building is fully occupied by seven medical office tenants.

Rick Barnes of Sea Watch Realty Inc. in Easton brokered the transaction.

Two other medical office buildings on the site are fully permitted, and construction of the first is underway with an anticipated October opening.

high court rules in malpractice case

BOSTON - The state's highest court has ruled that doctors can be held liable for negligence that reduces a patient's chance of survival, even if the patient's prospect for recovery was already less than 50 percent. The Supreme Judicial Court's ruling Wednesday came in a closely watched medical malpractice case. In 2004, a jury awarded $1 million to the family of a man whose stomach cancer was overlooked by a Norwood doctor. The doctor argued that there was no evidence that his actions substantially contributed to his patient's death.

EMC quarterly profit shows 13% increase

SAN FRANCISCO - EMC Corp. said Wednesday its second-quarter profit climbed 13 percent, topping Wall Street's forecasts, as the data storage specialist rang up record sales despite fears that economic uncertainty is tamping down information technology spending.

The Hopkinton-based company earned $377.5 million, or 18 cents per share, in the April-June period. That compares with net income of $334.4 million, or 16 cents per share, in the year-ago period. EMC shares rose $1.71, or 13.7 percent, to $14.17 in trading Wednesday.

Stripping out one-time charges, EMC earned 24 cents per share in the latest quarter. That was 7 cents per share higher than the average estimate of analysts polled by Thomson Financial.

Patriot Ledger staff and wire services

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